Extracted standards
6 individual requirements pulled out of this section’s prose, each with the sentence it came from.
Other
- Performance bond amount as percentage of estimated cost100 pct
Any and all forms of surety shall be equivalent to 100 percent of the estimated unit cost of construction of required improvements...
- Letter of credit expiration lead time6 months
The performance agreement must expire a minimum of six months prior to the termination of the letter of credit.
- Maximum initial performance agreement period24 months
The maximum period of the initial agreement shall be 24 months.
- Maximum periodic partial bond releases per year3 count
No more than three periodic partial releases will be granted within any 12-month period.
- Minimum cumulative bond reduction percentage90 pct
The cumulative amount of all bond reductions shall equal no less than 90 percent of the original bond value.
- Minimum facility completion percentage for partial release30 pct
Periodic partial releases may not occur before the completion of at least 30 percent of the facilities covered by the bond.
From the ordinance
The maximum period of the initial agreement shall be 24 months. Any and all forms of surety shall be equivalent to 100 percent of the estimated unit cost of construction of required improvements...